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India Among Top Targets For Deepfake Identity Fraud

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New Delhi: India, along with Bangladesh and Pakistan, ranks among the top ten countries in the Asia-Pacific region most impacted by identity fraud using deepfake technology, as reported by a leading digital identity verification firm. The Sumsub Identity Fraud Report, based in the UK, highlights a substantial surge in cybercrimes of this nature in 2023, with projections indicating a further increase next year.

According to data derived from an analysis of over two million fraud attempts across 224 countries and territories in 28 industries, Vietnam leads the region with 25.3% of total deepfake identity frauds. Japan follows at 23.4%, Australia at 9.2%, China at 7.7%, and Bangladesh at 5.1%. These findings indicate the prevalence of such fraudulent activities in the Asia-Pacific area.

The report spotlights a global surge in deepfake content, with North America experiencing a 1,740 per cent increase and the Asia-Pacific region a 1,530 per cent rise compared to the previous year. There was also a major rise in the Middle East, Africa, and Latin America.

The cryptocurrency sector faces a high vulnerability to deepfake fraud, constituting 88 per cent of incidents in 2023, while fintech follows at eight per cent. Additional prevalent fraud techniques in 2023 encompass money muling, counterfeit IDs, account takeovers, and forced verification. Notably, forced verification witnessed a 305 per cent increase since 2022.

The report also indicates two developing trends in identity fraud: an increase in forged documents originating from developed economies and a heightened focus on non-regulated entities, driven by the absence of stringent regulatory frameworks.

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